ITAT quashes Reassessment for want of valid Section 151(ii) Sanction

Chandrakant Viththal Bhopi Vs ITO (ITAT Pune) ITAT quashes reassessment for want of valid sanction u/s 151(ii) – Approval by PCIT Instead of PCCIT/CCIT held invalid – When notice issued beyond 3 years– Entire 148 proceedings set aside; Interest u/s 28 of Land Acquisition Act (₹2.60 Cr) taxability issue rendered academic Assessee, an individual, received ₹2.60 crore as interest on enhanced compensation u/s 28 of the Land Acquisition Act, 1894 in respect of compulsory acquisition of rural agricultural land. He did not file a return for A.Y. 2016-17. On the basis of Form 26AS inform...